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Cablevision to End Voom Satellite TV |
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NEW YORK, April 11, 2005/Satnews Daily/ — Cablevision Systems said it will shut down the money-losing Voom satellite-TV service, ending chairman Charles Dolan's three-month battle to keep it operating.
In a filing with the Securities and Exchange
Commission released early Friday, Cablevision said the service would no
longer be available to customers as of April 30. The shutdown has begun
and Voom service will end on April 30, according to the company’s
regulatory filing.
The meeting came one week after the board's
deadline passed for Dolan to reach a deal that would allow him to take
Voom off the company's hands. Because no such deal was reached, reports
say, the board was left with no choice but to set a timetable for a
shutdown after having agreed on March 7 to extend Voom's life to March
31. Charles Dolan had repeatedly executed moves to keep Voom going, despite tremendous pressure to close it. But his valiant efforts may have found little support from investors as Voom lost $661 million last year and attracted a measly 40,000 subscribers.
According to Cablevision, the original HDTV
channels created for Voom will temporarily remain a part of the
company's Rainbow Media programming unit. They will be offered to other
cable and satellite TV companies, although that effort has been
unsuccessful so far, the company admitted.
Recent Stories: Voom Service Gets Reprieve as Cablevision Enters into Interim Deal With Dolan Cablevision to Shut Down Voom Service; Sale Deal Dead |
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